Why a CIO cares about digital transformation: finding new revenue streams
As a CIO of a mid to large-sized corporation, you’re probably in the middle of figuring out how to transform your company into a progressive digital landscape. If you’re not entirely there, you’re not necessarily alone. Statistics show, not every organization has taken on a digital transformation mindset. CIO.com notes many of those companies are just beginning their digital transformation journeys.
It’s important to get started, allow time to grow, and learn from mistakes along the way. Companies that invested early in digital technology will have to upgrade to newer features, processes, and shifting business requirements in the software and hardware.
Learn why transforming to digital involves radical rethinking but can open up the company to efficiencies, scalability, and perhaps even new revenue streams.
What it Means to Digitally Transform
The best reason to upgrade to digital technology is to maximize competitive adaptability. With the influx of innovation and global uncertainties, you can’t expect to compete using outdated technologies.
Staying abreast of technological advances can be daunting. For instance, using the cloud and mobile devices are the two standards right now. Going beyond, though, you’ll include the Internet of Things (IoT) and global connectivity. As Deloitte’s annual tech trends notes, even the emergence of blockchain and API’s are becoming the norm.
Digital technologies that use automation are the key to removing many manual burdens. Decreasing manual constraints improves productivity levels and outputs.
As you can see, you can’t pretend it’s still a decade ago if you want to compete in the high-end business world seriously. What kind of digital upgrades will help improve future revenue forecasts?
Using Digital Technology for Financial Gain
Digital transformation can help you stay competitive. To offset the investment in digital technologies, you’ll want to find ways to generate revenue as fast as possible.
Automation helps improve processes, scalability, and efficiencies, especially with your marketing efforts. Getting marketing content out to customers or clients via email or social media helps prospects move through a sales funnel faster.
Google analytics and software like Tableau help you make smarter business decisions. When you can look ahead and predict what might happen in the short-term or long-term, you’ll adjust readily to market conditions.
Using blockchain, you can set up a network that’s safer for your enterprise applications. An API helps you create content and then automatically publish or make it available to numerous channels.
For IoT, security is still a challenge. Nevertheless, you’ll surprisingly find financial savings in your energy bill by managing your HVAC system and other high-energy consuming hardware.
What Are the Best Methods For a Digital Transformation?
It’s not always so simple to upgrade to digital since the cost is often prohibitive.
With limited budgets, the best scenario is to consider the opportunity cost of outsourcing. The benefits of outsourcing your digital technology are significant vis-a-vie the cost of the entire engineering staff. Consider paying a flat rate to a provider on a per-project basis.
You can build a state-of-the-art technology backbone with an outsourced workforce without having to make unrecoverable investments in technology that is continually evolving and many times is obsolete in a matter of years.
Nevertheless, you may have stigmas about outsourcing. Never feel too proud to seek help in acquiring the technologies you need to stay successful.
Creating a New Business Model for New Goals
It helps when the provider of your digital technology workforce shares your vision and core values. The transition to a digital mindset requires a new business model that could take time to implement without a dedicated team by your side.
The key is to give your own team proper training tips, education, and the right data to help them do their jobs better. Once you have everyone on board, you’ll become a powerhouse company that can compete at the level customers demand.
